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The Biden administration’s Justice Department is investigating Visa’s debit card practices, the San Francisco-based credit card company revealed on Friday.
Visa acknowledged the investigation in a March 19 filing with the United States Securities and Exchange Commission.
In the file, Visa said the US Department of Justice informed the company of its investigation and instructed it “to keep relevant documents related to the investigation.”
“We believe Visa’s debit practices in the United States comply with applicable laws. Visa is cooperating with the Department of Justice, ”reads the file, which was submitted by Kelly Mahon Tullier, executive vice president of Visa, legal and administrative director of the company.
According to reports from Reuters and the Wall Street Journal, which first revealed the story, the Department of Justice’s antitrust division was investigating whether America’s largest card network was pushing merchants into routing card payments. debit via more expensive card networks, mainly in digital. market.
In a filing earlier this month with the SEC, Visa reported that the period between Jan. 1 and March 7 saw an 8% increase in U.S. payments compared to the same period last year. Most of that growth was due to a 23% increase in the volume of debit card payments, according to the filing.
Visa Inc. is incorporated in Delaware and listed on the New York Stock Exchange.
Raheem Hosseini is an editor of the San Francisco Chronicle. Email: [email protected]; Twitter: @music_today
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